Though U.S. auto sales showed signs of settling down in August, Vice Chairman of Toyota, Kazuo Okamoto, believes that it's still uncertain whether industry wide sales in America have hit bottom.

"It's hard to say whether the U.S. market has hit bottom," said Okamoto.

Toyota sales totaled just below 16.2 million vehicles in 2007, and a steep sales decline as a result of high gas prices, tighter credit and slumping housing market was recorded this spring and summer.

Okamoto also believes that even with the recent ease in oil prices, Toyota would still assume fuel costs would be higher over the long term for its product planning.

Jim Lentz, President of Toyota Motor Sales, told reporters that the Japanese automaker, now ranked second in U.S. auto sales, expects to sell more than 14 million units for the full 2008 year. And for 2009, Lentz predicts that industry wide sales "will be flat" from 2008.

+ Automotive News: Toyota is uncertain U.S. market has hit bottom